Under The Radar

The securities market is in focus today as we speak to one of the founding clearing members of the Singapore Exchange Derivatives Trading or (SGX-DT).  Inaugurated some 40 years ago in 1983 as Phillip Futures, our guest for today is multi-asset broker Phillip Nova.  As a member of the PhillipCapital Group, the company has grown over the years and now prides itself as one of the region’s top brokers for the trading of CFD, Forex, Futures and Stocks.  It also taps PhillipCapital Group’s network companies to access exchanges around the world, including the Singapore Exchange, the Hong Kong Exchange, the Japanese Exchange Group, the New York Mercantile Exchange, the COMEX and more.  The company was rebranded in Phillip Nova in 2022 after the firm received its own securities brokerage licence to broaden its service offerings.  Its CEO had said then that the rebranding initiative was meant to reflect the brokerage’s expanded suite of offerings ranging across five asset classes namely: stocks, futures, forex, commodities and CFDs.  But Phillip Nova is an interesting company to talk about not just because of the rebranding initiative, but also because of the markets it is eyeing on in a bid to drive growth.  For one thing, the firm had in March this year offered the trading of Istanbul-quoted futures.  Representatives of its parent company, PhillipCapital had also met up with the senior management team of the regulator of financial services in the Republic of Kazakhstan, on the sidelines of the Kazakhstan-Singapore Business Forum that took place in May last year.  But what are the opportunities in these markets, and how will Phillip Nova partner up with industry players to deepen its stock trading links in order to penetrate into these relatively untapped markets? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Teyu Che Chern, CEO, Phillip Nova.

It’s all about S-Reits today as we continue our conversation with a company that is also the first ever guest we had on board on Under the Radar back in February last year. Make a guess! The company is behind some of the most prominent skyscrapers we see at the Central Business District, and is said to be one of the largest diversified S-Reits with total assets under management of S$6.3 billion as at the end of 2023. Well, listed on the mainboard of the Singapore Exchange back in January 2014, OUE REIT is a wholly owned subsidiary of OUE Limited, a leading real estate and healthcare group that looks to tap growth trends across Asia.  On its own, OUE REIT owns two hotels, namely Hilton Singapore and Crowne Plaza Changi Airport. It also counts the Mandarin Gallery, as well as commercial properties OUE Bayfront, One Raffles Place and OUE Downtown Office as its assets. Out of Singapore, the Reit also owns a Grade A commercial asset called Lippo Plaza in Shanghai’s business district of Puxi.  But why are we talking to OUE REIT you might ask? Well, OUE REIT was recently rebranded from OUE Commercial REIT in January 2024 to reflect its focus on growth opportunities in the hospitality, office and retail sectors, but what can we look forward to on this front?  Meanwhile, OUE REIT had also in April reported higher revenue and net property income in the first quarter of 2024, where net property income rose 6.9 per cent on the year to S$60.5 million. But how far is this driven by commercial properties and increased tourist spending at its hotels and how far can this continue?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Han Khim Siew, Chief Executive Officer and Executive Director of OUE REIT.

When it comes to watch manufacturers, one would realise that most of the big players are owned by luxury groups with multiple brands under their belts. But instead of that, our guest for today prides itself as the last family-owned independent Genevan Watch Manufacturer.  It is also part of the so-called “The Holy Trinity” or “The Big Three” in horology - a term that describes three of the biggest and oldest watchmakers in the world.  Founded in 1839, our guest Patek Philippe has been perpetuating the tradition of Genevan watchmaking without interruption for close to two centuries.  As a family-owned independent watch manufacturer, the firm enjoys total creative freedom to entirely design, produce and assemble what experts agree to be the finest timepieces in the world, amassing a repertoire of over 80 patents so far.  Being an independent and private company also means Patek Philippe was able to make certain decisions that were unimaginable at other companies, such as retiring one of its most popular models, the Ref. 5711 Nautilus watch.  But what was the rationale behind the move? And with Patek Philippe launching a total of 11 watches at the highly anticipated Watches and Wonders this year, what is next for the firm as it continues to reinvent the wheel?  On the demand side of things, a Robb Report article citing Watch Pro reported in May that Swiss watch exports grew 4.5 per cent globally, bolstered by a 11.6 per cent rise in the US. The showing was a reversal from the decline seen in March, where shipments to China and Hong Kong fell.  But what does that mean to Patek Philippe operationally and how long is the waitlist for a first-hand timepiece? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Deepa Chatrath, General Manager, Patek Philippe Southeast Asia.

It’s all about insurance coverage today as we speak to a company that provides coverage for Singaporeans including the nation’s protectors – the MINDEF.  Formed by the merger of Aviva Singapore and Singlife in a deal valued at S$3.2 billion in 2020, the current Singlife is one of the largest homegrown financial services companies in the lion city.  The company offers a variety of insurance products ranging from life insurance, medical insurance, car insurance, travel insurance, home insurance, to investment linked-plans. It is also seeing a number of key developments of late. For one thing, the company has become a fully owned subsidiary of Japan’s Sumitomo Life in a transaction valuing Singlife at S$4.6 billion.  The insurer said the ownership change will not affect its day-to-day operations, but will enable Singlife to pursue its long-term growth ambitions, with the capital to drive regional expansion and to grow as an integrated financial services company. But what can we expect when it comes to Singlife’s strategic direction for the future?  Speaking of strategic direction, Singlife had in May this year launched what it calls the Singlife Dementia Cover. Touted as the market’s first insurance plan offering yearly payouts for persons with dementia, the policy also covers other mental health conditions such as bipolar and schizophrenia disorder.  But what were the complexities in valuing the insurance premiums and payouts for conditions relating to dementia, versus other health conditions such as cancer? And how does such a product pipeline position Singlife as a first mover in the silver economy?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Pearlyn Phau, Group CEO, Singlife.

Using active intelligence to find and back companies creating transformational impact at the intersection of tech and life. That’s what we’re going to talk about today.  Founded in 2014, our guest is Openspace Ventures, a multi-stage investor that looks at Southeast Asian B2C and B2B businesses with a compelling vision for expansion.  The firm looks at three types of targets: (a) Series A and B firms with an established product-market fit and need capital for rapid scaling, (b) Series C and D firms who are market leaders with proven revenue traction but need capital for expansion into new markets or adjacent spaces and finally, (c) firms that belong to the rising asset class of crypto and Web3.  Openspace Ventures currently has 6 funds and over US$800 million under management, supported by regional institutional investors including Singapore’s state investor Temasek, Germany’s DEG, Norway’s Norfund and the Softbank Group.  The VC firm has over 45 portfolio companies under its belt and is one of the early investors into GoTo. Other notable companies it has invested in include Finnomena, Halodoc as well as homegrown fashion label Love Bonito.  But what role has Openspace Ventures played in helping its portfolio companies become who they are today using active intelligence and how far can that playbook be used for other startup targets? Meanwhile, the SE Asia Deal Review compiled by DealStreet Asia revealed in May this year that startups in Southeast Asia raised US$1 billion in equity funding in the first quarter of 2024, down 41 per cent on a yearly basis.  Does this mean that VCs are more selective with investment targets? And given Openspace Venture’s focus on Web 3 firms, how does it screen for quality investments amid the generative AI craze? And is this the time for the firm to cash out on some of its existing investments? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Hian Goh, Founder and General Partner, Openspace Ventures.

Most eateries and restaurants we eat at have a huge signboard at their entrances. But one seafood restaurant chain selling White Pepper Crab, however, doesn’t have one.  You can perhaps already guess who my guest for today is. Started in the 1970s as a humble seafood hawker stall at Mattar Road Hawker Centre selling homemade White Pepper Crab, our guest No Signboard Holdings now prides itself as a lifestyle F&B player in Singapore.  The firm operates concepts such as No Signboard Seafood, Little Sheep Hot Pot and nosignboard Sheng Jian, and was listed on the Catalist Board of the Singapore Exchange in November 2017. It also has a beer business distributing beer brand Draft Denmark here in the lion city. Why are we talking to No Signboard Holdings? Well, the company’s shares have been suspended since January 2022 after it was unable to prove that it can continue operations after the COVID-19 pandemic. Its beer business, Danish Breweries, was also put under voluntary creditors’ liquidation in March that year.  To keep the No Signboard Holdings afloat, the firm signed a rescue deal with Gazelle Ventures in May 2022, where Gazelle Ventures would invest S$5 million in No Signboard. But that wasn’t the end of the story, with the firm seeing a series of legal issues relating to its leadership since that deal.  After two tumultuous years for the seafood restaurant chain, the embattled F&B player got the nod from the Singapore Exchange Regulation to resume the trading of its shares on the 15th of March. But how does the firm intend to turn its business around?  Meanwhile, No Signboard also said in March that it will sell its trademarks under a settlement agreement to its former executive chairman, Lim Yong Sim, former controlling shareholder GuGong and Mattar Road No Signboard Seafood Restaurant.  But what will be left of No Signboard without its so-called ‘no signboard’ brand? And what value does No Signboard present for Gazelle Ventures, without its brand? Is this a case of backdoor listing for Gazelle Ventures? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Lok Pei San, Chief Financial Officer, No Signboard Holdings.

We’re going to talk about a company that is most famously known as a taxi and bus operator here in sunny Singapore.  Formed in March 2003 through the merger of two publicly-listed land transport companies – Comfort Group and DelGro Corporation, our guest is ComfortDelGro, and one of the largest land transport companies in the world.  The company's businesses now include bus, taxi, rail, car rental and leasing, automotive, inspection and testing services, driving centres, non-emergency patient  transport services, insurance broking and even outdoor advertising.  Just to give you a sense of ComfortDelGro’s scale, the firm now operates in 12 countries such as Singapore, Australia, the UK, New Zealand and China, with a global fleet of about 40,000 vehicles.  In Singapore, the company owns 75% of the largest scheduled bus operator SBS Transit, and operates about 9,000 Comfort and CityCab taxis. And if you do drive, the firm is behind the car inspection company Vicom.  But why are we talking to ComfortDelGro you might ask? Well, ComfortDelGro had in May posted a 23.8 per cent year on year increase in net profit to S$40.6 million in Q1 ended March, thanks to higher revenue from its public transport, taxi and private hire vehicles, and lower rental discounts in Singapore and China.  But how does the firm assess its latest performance, and how far is this contributed by Singapore? Meanwhile, the firm had in March told The Straits Times that the rail business is a key pillar for ComfortDelGro that it wants to double down on, with the firm working on tenders in the UK and Sydney. But why is this the case, and could the firm be moving away from its taxi business? The firm had also in February this year acquired UK-based ground transport management and accommodation network specialist CMAC for £80.2 million (S$135.4 million). More recently, ComfortDelGro had in April announced an S$100 million green loan to decarbonise its bus fleet in the UK.  But what is the rationale behind the moves in its overseas markets? Are the UK and Australia stronghold markets for ComfortDelGro and what role does Singapore play in this regard? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Mark Greaves, Chairman, ComfortDelGro.

It is all about advancing the healthcare landscape in the region as we speak to one of the leading providers of integrated medical technology solutions in Singapore and Southeast Asia.  Listed on the Catalist board of the Singapore Exchange, AJJ Medtech Holdings offers over 6,000 products ranging from healthcare consumables such as catheters to medical devices like blood glucose monitoring systems.  The company also offers more sophisticated equipment that can be used for the diagnostic imaging of cancer, as well as dental care-related devices. Some of its customers include public hospitals in Singapore, as well as players within the private healthcare landscape.  But what is interesting about AJJ Medtech Holdings was that the firm was formerly known as OEL Holdings up until February this year. And OEL Holdings wasn’t always in the healthcare space.  In fact, OEL Holdings, which was founded back in 1984 in Singapore, was in the offshore shipyard business until just five years ago in 2019. That was when a new management team was handed the reins of the company to break into the growing medtech sector.  The new management team had seen an opportunity in the rising demand for medical devices, and believed that taking over a publicly listed firm like OEL Holdings and pivoting it into a medical business was an efficient way to gain industry recognition and grow quickly.  But fast forward to today, how has the new management’s perceived "reverse takeover" of OEL Holdings’ helped it deepen its roots in the regional healthcare landscape and tap public capital? Also, where are the bright spots for the firm looking ahead as the population in the region ages, and as countries like Singapore put in additional emphasis on community care? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Yulei Zhang, Chief Strategy Officer, AJJ Medtech and Tan Wei Jie, Director of Business Development, AJJ Medtech. 

Founded in 2021, our guest Space Faculty is a business consulting firm and also a pioneer in helping the public and private sectors be a part of the space economy.  The firm’s operations can be segmented into three verticals: one, helping the private sector tap into space-based and deep tech innovations, two, developing national-level STEM 2.0 learning roadmaps for youths and professionals, and three, working with governments to create, expand, and leverage the space industry ecosystem.  For example, the company worked with the Singapore Land Authority to come up with a technology challenge to mobilise youths to develop solutions and prototypes that help SLA’s technologies impact different parts of the community.  It also supports the Office for Space Technology and Industry, Singapore by building a pathway for talent development  through bespoke programmes and industry connection points to complement the education system and meet growing industry demand. Globally, the firm also has a long-term partnership with the US Embassy for the International Space Challenge to showcase the breadth of established and emerging space companies in the global ecosystem, and help them maintain their mindshare in the space industry.  But why are we talking about Space Faculty? Well, McKinsey & Company had in an April report estimated that the global space economy will be worth US$1.8 trillion by 2035, taking into account inflation. That’s a multiple of the US$630 billion seen in 2023.  But where are the untapped opportunities in this space (pun intended) – and how far does that translate into earnings for Space Faculty? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Lynette Tan, CEO, Space Faculty. 

Today we’re going to bring you an inside look into the B2B merchant services and fintech arm of Razer, Fiuu.  Established back in April 2018 as Razer Fintech, Fiuu has grown to become the one of the largest O2O or Offline to Online digital payment networks in emerging markets and has processed over billions of dollars in total payment value.  For one thing, Fiuu recorded a Total Payment Volume, or TPV of over US$6.6 billion for FY 2023, positioning it as one of the largest payment processors in Southeast Asia.  Its business encompasses two verticals namely payment services and reload services. In terms of payment services, the firm supports global scheme cards and over 110 payment methods to power online and offline payments for global and regional blue-chip merchants in Southeast Asia.  On the reload services front, the firm has built the region’s largest offline payment network with over 1 million physical acceptance points. This includes cash-over-counter services like the fulfilment of e-commerce purchases, bill payments and telco reloads and merchant acquiring services for third party e-wallets.  Why are we talking to Fiuu you might ask? Well, the firm was rebranded from Razer Fintech to Fiuu in March this year to reinforce its intentions to become a leading force in the future of digital payments.  But how far does the rebranding initiative allow the firm to move away from its gaming heritage?  Meanwhile, a report by Google, Temasek and Bain & Company noted that digital payments now make up over 50% of transactions in Southeast East Asia. But what opportunities does this provide to Fiuu and Razer? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Limeng Lee, Executive Chairman, Fiuu, and Chief Strategy Officer, Razer.